Best basic account for young child?

melt71

I want to set up a bank account for my daughter (9) who has been given quite a lot of cash for her birthday. She would like to put some into a bank account and spend some.

The account will be to try to encourage her to save, but not an actual savings account - I want her to be able to withdraw money when she wants it and put money in when/if she wants to save (I already have a savings account for her which I control).

Any ideas of the best account - do the post office have anything like this because our post office is quite near but the banks are a drive away in town?

Thanks,

Mel

Cypher

I had post office (National Savings) accounts for my children when they were younger, but National Savings upped the minimum deposit to £20 which made the account redundant as how can you encourage a young child to save when they have to pay in £20 at a time

melt71

That's a bit rubbish! Cheeky monkeys :eek: I might just go into a high street bank and see what accounts they have on offer.

Thanks anyway

Stuart_W

We use the Co-op bank's Bonus Account. It's worked for us really well. Elephant money box when you open the account, other freebes, a birthday bonus each year, and a reasonable interest rate (5% gross at the moment). Paying in is no problem as your child can take their paying in book to the Post Office (no minimum value deposit). From the age of 11 a cash card is available. This cash card also allows post office counter withdrawals.

http://www.cooperativebank.co.uk/servlet/Satellite?c=Page&cid=1077782693084&pagename=CoopBank%2FPage%2FtplCBArchiveRatePage

System

Nationwide Smart Account

It has a passbook until 11, then she can have a cashpoint card if she chooses

http://www.nationwide.co.uk/savings/under18/smart.htm

I had it when I younger and found it to be good!